How Much Are Taxes On Social Security Income?

It may be hard to believe, but yes, there are taxes on social security income. The amount of taxes paid on that income varies based on your filing status and your annual income. Regardless of these two factors however, you will never be taxed on more than 85% of your social security income.

For those who are single:

If you have a combined income of less than $34,000 but more than $25,000, up 50% of your benefits will be taxed, based on the actual income amount. For those with a combined income of more than $34,000, up to 85% of the benefits will be taxed. A combined income represents the social security adjusted gross income, with non-taxable interest and half of the social security retirement benefits.

For those who are married filing jointly:

If you have a combined income of less than $44,000 but more than $32,000, up 50% of your benefits will be taxed, based on the actual income amount. For those with a combined income of more than $44,000, up to 85% of the benefits will be taxed.

For those who are married filing separately:

You will likely pay taxes on the social security income based on the penalties assessed for the filing status.